December 2022 Quarter - Perth

Posted By David Brown

In 2022, the housing market in Perth, one of the largest cities in Australia, experienced several ups and downs. While the city saw a rebound in house prices during the December quarter after a previous decline, the pace of growth has since slowed down. Despite this, Perth and Adelaide were the only capital cities to achieve a record high at the end of 2022. Additionally, Perth's housing market has shown some unique characteristics, including a record price gap between property types and a trend of house prices outperforming unit prices. These factors have contributed to an interesting and dynamic housing market in Perth in 2022.

The cost of homes in Perth rose during the December quarter, bouncing back from the previous quarter's decline. Only Perth and Adelaide achieved a record high at the end of 2022, while other capital cities didn't. However, the pace of growth has slowed down, resulting in the slowest quarterly house price growth seen in this cycle, causing the annual increase to drop to a little over a two-year low.

Domain House Price Report - December 2022 | Domain

While the pace of decline has slowed compared to the previous quarter, unit prices continued to decrease over the December quarter. Perth is the sole capital city with a price difference record between property types, as house prices have been outperforming unit prices for seven consecutive quarters. This gap is likely to increase further as annual growth rates move in opposite directions.

In conclusion, the housing market in Perth has had its share of ups and downs in 2022. The city experienced a rebound in house prices during the December quarter, but the pace of growth has slowed down since then. Despite this, Perth and Adelaide were the only capital cities to achieve a record high at the end of the year. The market has also shown some unique trends, such as the record price gap between property types and the outperformance of house prices over unit prices. Overall, the housing market in Perth remains dynamic and unpredictable, with factors such as supply and demand, interest rates, and economic conditions continuing to shape its trajectory in the coming years.